LightFury Games, a Gaming Startup by Former Unacademy Execs, Secures $8.5 Million for AAA Game Development in India
In a recent venture capital boost, LightFury Games, founded by ex-Unacademy executives Karan Shroff, Anurag Banerjee, and Tina Balachandran, has raised an impressive $8.5 million (INR 71.1 crore). This seed funding round was led by Blume Ventures, with significant contributions from other investors including MIXI, Gemba Capital, Cred founder Kunal Shah, and Unacademy CEO Gaurav Munjal.
Established in January 2024, LightFury Games is set on revolutionizing the gaming experience by developing top-tier AAA games, initially focusing on the mobile platform before expanding to consoles and other platforms. This strategic move comes at a time when India’s gaming market is experiencing rapid growth, now boasting over 500 million active gamers.
AAA games, known for their high budgets and quality graphics, are typically developed by large studios and are known for their advanced gameplay mechanics and extensive content. Popular examples of AAA games include titles like “Red Dead Redemption,” “The Last of Us,” “Uncharted,” and “God of War.” Until now, no major AAA titles have originated from India, presenting a unique market opportunity for LightFury Games.
The company plans to use the new funds to focus on creating high-quality, cutting-edge AAA games in India. Shroff stated, “The Indian gaming market is expanding rapidly, making it the perfect time to bring our expertise to the industry. We plan to use this funding to focus on developing high-quality AAA games, establish our studios in India and the UK, and hire top domestic talent to put India on the global map.”
Shroff added, “We are thrilled to be able to create successful AAA titles in the Indian market and establish an entity akin to Tencent in India.”
Karthik Reddy, Co-founder and Managing Partner at Blume Ventures, commented on their investment, “Having known Shroff from his Unacademy days and his passion for his work, we recognized his drive to transform it into a AAA game studio from an Indian perspective. Being able to pool talent and attract believers from the gaming and consumer sectors makes this one of the most exciting investments we’ve made in this field.”
The Indian gaming sector is seeing significant growth, with recent unicorns like Dream11, Games24X7, and MPL emerging. However, the lack of a home-grown AAA title highlights a gap in the market. In response, gaming unicorn Mobile Premier League (MPL) through its gaming division Mayhem Studios announced the beta release of its first AAA title “Underworld Gang Wars” (UGW).
With the Indian gaming market continuing to expand and projected to reach a revenue of $7.5 billion by FY 2028, according to gaming-focused VC firm Lumikai, LightFury Games is well-positioned to make a significant impact in the burgeoning industry.
